India’s population growth has been immense over the years due to several factors, indicating the necessity of homeownership for growing families. While renting homes used to be a popular culture upon shifting permanently, it has now become difficult. Around mid-2023, it was noted that landlords increased the rent up to 50%. This study highlights that rising living costs have made owning a place more affordable than just renting it.
Today, let’s take you through a quick and easy home-buying journey because despite owning the place is better than renting it, financial management is still required. Nowadays, loan apps have become quite a popular way for the same, so let’s see how to apply for home loans using an app.
Why Owning a Home Makes Sense in Today’s Market?
Nowadays, the Indian financial market, along with the global one, has become quite volatile. You never know what and how it is going to influence the market. There are several compelling reasons why owning a home might be a better financial decision than renting. Some of them are:
- Stability and Security: When you apply for home loans, it already gives you the thrill of owning a home. Imagine the reality of stability and security. You would not be subject to sudden rent hikes or the possibility of a landlord asking you to vacate the property.
- Long-Term Investment: A home is a valuable asset that appreciates over time. This means you’re not just paying rent. You’re building equity and wealth for your future.
- Freedom of Customisation: When you own a home, you have the freedom to personalise and decorate it to your taste. You can modify and improve your living space without needing the landlord’s permission.
- Sense of Community: When you own a home, it helps you establish roots in a community and build relationships with your neighbours. It leads to a stronger sense of belonging and overall well-being.
How to Apply for Home Loans?
Applying for home loans used to be a tedious task back in the day, but not anymore. Nowadays, apps are revolutionising the way you apply for and manage home financing. Here’s the process of using a home loan app:
- Choose a Reputable App: Research and choose a home loan app from a well-established Non-Banking Financial Company (NBFC) with a strong track record.
- Download and Install the App: Find the chosen app to install it on your smartphone.
- Create an Account: You can sign up for an account by providing your basic details within the app. This usually involves entering your name, contact information, and email address.
- Check Your Eligibility: Many apps that are used to apply for home loans offer an instant eligibility check feature. This allows you to assess your potential for securing a home loan based on your income, credit score, and other financial factors.
- Explore Loan Options: Browse through the various loan products offered by the app. Consider factors like loan amount, interest rates, repayment tenure, and any special features like flexible repayment options.
- Calculate Your EMIs: Use the app’s EMI calculator to estimate your monthly loan instalments based on your chosen loan amount and interest rate. This helps you understand your future financial commitments and plan your budget accordingly.
- Gather Required Documents: Prepare scanned copies of all necessary documents when you apply for home loans. This includes your ID proof, address proof, income documents, and property details.
- Submit Your Application: Once you’ve finalised your loan selection and gathered documents, proceed with submitting the online application through the app. Most apps allow for electronic document uploads.
- Track Your Application: Loan apps also provide real-time trackers. They monitor the progress of your loan application.
Have You Chosen the Right Home Loan App
Mobile applications are increasing daily as the competition is rising, and finding the best home loan app can be difficult for the same reason. So, here are some of the key factors to consider when making your choice:
- The app must be of a reputed NBFC.
- The home loan app must have customisation options for amount, tenure, etc.
- Eligibility criteria checks should be available for free.
- Your best home loan app must have easy-to-use features and an intuitive interface.
- The loan app must be of an NBFC with easy-to-connect customer support channels.
- The given fine print on the app must have no hidden information.
Building Your Dream Home with Confidence
When you apply for home loans, you’re making a significant decision. With the help of loan apps from the best NBFCs can ease the process. They help streamline and make the loans more accessible than ever before. Home loan apps of NBFCs like Tata Capital can empower effective financial management, explore loan options at your convenience, and ultimately, turn your dream of homeownership into reality.
Remember, this is a significant financial decision. Download Tata Capital’s official mobile application to apply for home loans easily today!
